Move Inc. FY 2025: Steady Revenues at Realtor.com as Lead Volume Declines 9%

News Corp has released its annual report for the 2025 financial year, with revenues holding steady at its real estate subsidiary at Move Inc.

Highlights include:

• Digital Real Estate Services segment increased to $1.8 billion, a 9% increase YoY
• Real Estate revenues were $1.4 billion, up 10% YoY
• Advertising revenues were $151 million, up 11% YoY
• Other revenues were $234 million, up 3% YoY
• Segment EBITDA was $601 million, up 18% YoY
• Move Inc revenues increase to $552 million, up 1% YoY

News Corp said:

For the fiscal year ended June 30, 2025, revenues at the Digital Real Estate Services segment increased $144 million, or 9%, as compared to fiscal 2024.

Revenues at Move increased $8 million, or 1%, to $552 million for the fiscal year ended June 30, 2025 from $544 million in fiscal 2024, driven by revenue growth in seller, new homes and rentals, including the partnership with Zillow, higher sales of RealPRO Select (formerly Market VIP ), as Move shifts its focus to more premium offerings, and higher advertising revenues. The increases were largely offset by the continued negative impact of the macroeconomic environment on the U.S. housing market, including higher interest rates, which resulted in a 9% decline in lead volumes and lower transaction volumes.

For the fiscal year ended June 30, 2025, Segment EBITDA at the Digital Real Estate Services segment increased $93 million, or 18%, as compared to fiscal 2024, primarily due to the higher revenues discussed above, partially offset by higher employee costs at REA Group, $12 million of costs related to the withdrawn offer to acquire Rightmove in the first quarter of fiscal 2025, and higher costs from REA India and the $6 million.

Move Inc.'s primary real estate portal in the United States is Realtor.com, historically Zillow's main rival, but more recently fighting off CoStar's Homes.com from below.

Move's revenue for the quarter was $148 million, up 3% on the same period last year.

Recent figures from web traffic comparison site Similarweb.com suggest that Homes.com (55.5 million visits in July 2025) has some ground to make up against Realtor.com (138.1 million), not to mention a need to monetise more aggressively.

Nevertheless, Realtor.com has struggled financially post-pandemic, certainly compared with Zillow, and a meagre 1% uptick in revenues last year doesn't inspire confidence after two particularly difficult years. The portal attributed stagnant performance to slow economic conditions, including a 9% decline in lead volumes and lower transaction volumes for the year.

Realtor.com saw lead volume drop 13% for the quarter, but did increase memberships to its premium lead generation product RealPRO Select.

News Corp's 61.4% stake in Australia's REA Group remains by far the strongest contributor to revenues, with Move Inc (80% stake) increasingly looking like an also-ran as Zillow races away.

Move Inc. recently announced it has acquired Zenlist for an undisclosed sum, the first significant M&A by the company since 2022.

Meanwhile, given Realtor.com's close relationship to the National Association of Realtors (NAR), it was unsurprising to read CEO Damien Eales' recent column defending the NAR's updated Clear Cooperation Policy, warning brokers who facilitate private marketplaces "are likely to find themselves on the wrong side of history."

Realtor.com announced the launch of an integrated lead flow, consolidating several systems into one seamless experience, in April.